Applying for life insurance involves more than choosing a policy and submitting your details. The insurer will assess information about your health, medical history, occupation, income, lifestyle and other relevant factors through a process known as underwriting. This helps the insurer decide whether it can offer you cover, what your premium will be and whether…

Life insurance underwriting has everything to do with risk. When you apply for insurance coverage, you are essentially asking the insurance company to take on the potential risk of having to pay a future claim, should something unforeseen happen to you, for example, death or disability. Be aware, many of direct insurers have extensive exclusions…

Australian expat living overseas Many insurers have recently updated their approach to supporting Australians abroad, with several now showing greater flexibility and willingness to provide life, TPD, trauma, and income protection cover to expats living overseas. This shift is creating more opportunities for Australians abroad to secure the protection they require. Firstly: Here are some…

If you’re 31 years old, learn how you can avoid the additional 2% loading fee when purchasing private health insurance before the 1st of July.

The Life Insurance Direct Refer A Friend program offers anyone the opportunity to get one month’s worth of premium for free, up to a maximum of $100 for each successful friend referral. Not only will you save money, but you might even protect a friend against underinsurance. Underinsurance is a massive concern in Australia. You…

It is emotionally and financially stressful when a family member passes away, similarly stressful is being told that you can no longer work due to an illness or injury. These life events are challenging enough on their own, but now you must undergo the complex process of lodging an income protection, disablement, critical illness or…

The best life insurance policy is the policy which suits you and your individual circumstances. Every policy offers different built-in features and additional policy options, as well as different price levels. Not everyone will suit every single policy offered by insurers. Four easy steps to finding the best life insurance policy: Step 1: Speak to…

The industry wide ASIC 498 report into life insurance claims outcomes unveiled the truth about how a customer’s choice of distribution channel (policy type) has a considerable bearing on the likelihood of their claim being accepted or declined. The findings were staggering, compared to the Retail (Advised) distribution channel, Non Advised (Direct) distribution channels have…

The recent 498 report by ASIC looked into life insurance claims and disputes registered with an external dispute resolution entity in the Life Insurance Sector. It revealed detailed statistics around claims; claims paid in full, partially, and declined. This report provides the industry with some invaluable insights, however it is also important that consumers become…